Whether this is good or bad is impossible to know without knowing the net value of a customer. If they added a million customers who each had a $100 net value,

Whether this is good or bad is impossible to know without knowing the net value of a customer. If they added a million customers who each had a $100 net value, this was a fantastic quarter. My sense, though, is that the net value of a Groupon customer is very low and may, in fact, be negative. Customers are expensive to get and don't seem to bring a lot of repeat business without incurring re-acquisition costs. I would imagine Groupon has an idea what that value is, and if it was high, they'd be trumpeting it to ward of the negatives of the loss.